Finance & Economics | WPN World People News

The World Bank Group approved a package of assistance worth US$1 billion to support Pakistan’s economic reforms on Thursday. The assistance package consists of two Development Policy Credits (DPCs) to support the Government of Pakistan’s efforts to improve the power sector, and reinvigorate growth and investment for reducing poverty and building shared prosperity.

The Executive Board of the International Monetary Fund (IMF) approved a two-year Stand-By Arrangement (SBA) for Ukraine. The arrangement amounts to SDR 10.976 billion (about US$17.01 billion, 800 percent of quota) and was approved under the Fund's exceptional access policy. The authorities’ economic program supported by the Fund aims to restore macroeconomic stability, strengthen economic governance and transparency, and launch sound and sustainable economic growth, while protecting the most vulnerable.

The World Bank’s Board of Executive Directors approved on April 22 a US$15.5 million credit to support the Government of Cabo Verde’s effort to strengthen the country’s macroeconomic resilience to external shocks. The Poverty Reduction Support Credit (PRSC-8) will promote structural reforms that improve competitiveness and productivity to ensure poverty reduction and to boost shared prosperity.

The share of the richest 1% in total pre-tax income have increased in most OECD countries over the past three decades. This rise is the result of the top 1% capturing a disproportionate share of overall income growth over that timeframe: up to 37% in Canada and 47% in the United States, according to new OECD analysis.

The Sudan National Multi-Donor Trust Fund (MDTF-N) was officially closed at a public event led by His Excellency Magdi Yassin, State Minister at the Ministry of Finance and National Economy, and Ms. Bella Bird, World Bank Country Director for Sudan, South Sudan, and Somalia. The event was attended by representatives of bilateral and multilateral agencies, leaders from the private sector, media and civil society in Sudan.

The World Bank’s Board of Executive Directors has approved further support to Mauritania as the country continues to experience strong economic growth and seeks to prepare more young people for jobs through better technical and vocational education and training (TVET).

The World Bank announced a US$250 million program for Tunisia in support of key economic and social reforms. The second Governance, Opportunity, and Jobs Development Policy Loan (GOJ DPL) focuses on laying the foundations for a competitive economy to create more and better jobs for the Tunisian people and provide financial support for macroeconomic stabilization.

The International Monetary Fund (IMF) launched in Istanbul, Turkey, its Spring 2014 Regional Economic Issues (REI) for Central, Eastern and Southeastern Europe (CESEE). The REI, which was first introduced by the IMF’s European Department in April 2013, covers analytical issues of interest to policy makers, academics, and the broader public in the region. The focus of the Spring 2014 REI is on CESEE external funding patterns and risks.

The World Bank’s Board of Directors approved a EUR150 million (US$206.8 million) Second Economic Recovery Development Policy Loan (ERDPL2) to the Republic of Croatia. The loan aims to support the Government of Croatia’s efforts in accelerating sustainable economic recovery through the consolidation of public finances and strengthening the investment climate.

On April 28, 2014, the Executive Board of the International Monetary Fund (IMF) completed the third and fourth reviews of Jordan’s performance under a three-year program supported by a Stand-By Arrangement (SBA) and concluded the Article IV consultation1 with Jordan.